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Versar Sees Sunny Financial Picture in New Report

Versar, Inc. (NYSE Amex: VSR) released financial results for the second quarter of fiscal year 2011 ending Dec. 31, 2010.

Here are the specifics according to the firm:

“Gross revenue for the second quarter achieved a company record $41, 908, 000, a 72 percent increase from the $24, 387, 000 reported in the second quarter of fiscal year 2010.  Gross revenue for the first six months of fiscal year 2011 was $71, 204, 000, an increase of 45 percent compared to $49, 101, 000 in the first six months of last fiscal year. Gross Profit for second quarter of FY 2011 of $3, 486, 000 was 102 percent higher than the $1, 728, 000 reported during the same period last year. All of the company’s business segments contributed positive operating income and gross profit.”

“Our second quarter performance is directly attributable to a significant turnaround in our domestic operations, with improved results from our Compliance and Environmental and National Security business segments and continued strong performance of our Professional Services Group, ” CEO Tony Otten said. “We are expecting strong financial performance for the remainder of FY 2011 and are focusing our resources on a ramp up of our business development processes as we look to strengthen our backlog for FY 2012.”

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